UCLOUDLINK GROUP INC. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results
UCLOUDLINK GROUP (NASDAQ: UCL) reported its Q4 and full year 2024 results. Q4 2024 showed mixed performance with total revenues up 19.5% to US$26.0 million, while gross profit decreased 1.0% to US$11.2 million. The company reported a Q4 net loss of US$1.5 million.
Full Year 2024 results were more positive with total revenues increasing 7.1% to US$91.6 million and net income of US$4.6 million. Geographic revenue distribution showed Japan contributing 47.4%, Mainland China 24.0%, and North America 13.8%. The company's data platform handled 172,912 terabytes in 2024, serving 2,818 business partners across 62 countries.
Notable operational metrics include average daily active terminals of 316,688 in 2024, with 57.4% from international data connectivity services. The company maintained strong cash position with US$30.1 million in cash and cash equivalents as of December 31, 2024.
UCLOUDLINK GROUP (NASDAQ: UCL) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. Il quarto trimestre 2024 ha mostrato una performance mista, con ricavi totali aumentati del 19,5% a 26,0 milioni di dollari, mentre il profitto lordo è diminuito dell'1,0% a 11,2 milioni di dollari. L'azienda ha registrato una perdita netta nel quarto trimestre di 1,5 milioni di dollari.
I risultati dell'intero anno 2024 sono stati più positivi, con ricavi totali aumentati del 7,1% a 91,6 milioni di dollari e un reddito netto di 4,6 milioni di dollari. La distribuzione geografica dei ricavi ha mostrato il Giappone contribuire con il 47,4%, la Cina continentale con il 24,0% e il Nord America con il 13,8%. La piattaforma dati dell'azienda ha gestito 172.912 terabyte nel 2024, servendo 2.818 partner commerciali in 62 paesi.
Metriche operative notevoli includono una media di 316.688 terminali attivi giornalieri nel 2024, con il 57,4% proveniente da servizi di connettività dati internazionali. L'azienda ha mantenuto una solida posizione di liquidità con 30,1 milioni di dollari in contante e equivalenti di cassa al 31 dicembre 2024.
UCLOUDLINK GROUP (NASDAQ: UCL) informó sus resultados del cuarto trimestre y del año completo 2024. El cuarto trimestre 2024 mostró un desempeño mixto con ingresos totales que aumentaron un 19.5% a 26.0 millones de dólares, mientras que la utilidad bruta disminuyó un 1.0% a 11.2 millones de dólares. La compañía reportó una pérdida neta de 1.5 millones de dólares en el cuarto trimestre.
Los resultados del año completo 2024 fueron más positivos, con ingresos totales que aumentaron un 7.1% a 91.6 millones de dólares y un ingreso neto de 4.6 millones de dólares. La distribución geográfica de los ingresos mostró que Japón contribuyó con el 47.4%, China continental con el 24.0% y América del Norte con el 13.8%. La plataforma de datos de la compañía manejó 172,912 terabytes en 2024, sirviendo a 2,818 socios comerciales en 62 países.
Métricas operativas notables incluyen un promedio de 316,688 terminales activos diarios en 2024, con un 57.4% proveniente de servicios de conectividad de datos internacionales. La compañía mantuvo una sólida posición de efectivo con 30.1 millones de dólares en efectivo y equivalentes de efectivo al 31 de diciembre de 2024.
UCLOUDLINK GROUP (NASDAQ: UCL)는 2024년 4분기 및 연간 실적을 발표했습니다. 2024년 4분기는 총 수익이 19.5% 증가한 2600만 달러를 기록했지만, 총 이익은 1.0% 감소한 1120만 달러를 기록하며 혼합된 성과를 보였습니다. 회사는 4분기에 150만 달러의 순손실을 보고했습니다.
2024년 전체 연도 결과는 더 긍정적이었으며, 총 수익이 7.1% 증가하여 9160만 달러에 달하고, 순이익은 460만 달러에 달했습니다. 지역별 수익 분배는 일본이 47.4%, 중국 본토가 24.0%, 북미가 13.8%를 차지했습니다. 회사의 데이터 플랫폼은 2024년에 172,912 테라바이트를 처리하며 62개국에서 2,818개의 비즈니스 파트너에게 서비스를 제공했습니다.
주목할 만한 운영 지표로는 2024년 평균 일일 활성 단말기가 316,688개였으며, 이 중 57.4%가 국제 데이터 연결 서비스에서 발생했습니다. 회사는 2024년 12월 31일 기준으로 3010만 달러의 현금 및 현금성 자산을 보유하며 강한 현금 위치를 유지했습니다.
UCLOUDLINK GROUP (NASDAQ: UCL) a publié ses résultats du quatrième trimestre et de l'année complète 2024. Le quatrième trimestre 2024 a montré une performance mitigée avec des revenus totaux en hausse de 19,5 % à 26,0 millions de dollars, tandis que le bénéfice brut a diminué de 1,0 % à 11,2 millions de dollars. L'entreprise a enregistré une perte nette de 1,5 million de dollars au quatrième trimestre.
Les résultats de l'année complète 2024 étaient plus positifs, avec des revenus totaux augmentant de 7,1 % à 91,6 millions de dollars et un revenu net de 4,6 millions de dollars. La répartition géographique des revenus a montré que le Japon a contribué à hauteur de 47,4 %, la Chine continentale à 24,0 % et l'Amérique du Nord à 13,8 %. La plateforme de données de l'entreprise a traité 172 912 téraoctets en 2024, au service de 2 818 partenaires commerciaux dans 62 pays.
Les indicateurs opérationnels notables incluent une moyenne de 316 688 terminaux actifs quotidiennement en 2024, dont 57,4 % proviennent de services de connectivité de données internationales. L'entreprise a maintenu une solide position de liquidité avec 30,1 millions de dollars en espèces et équivalents de liquidités au 31 décembre 2024.
UCLOUDLINK GROUP (NASDAQ: UCL) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Das vierte Quartal 2024 zeigte eine gemischte Leistung, mit einem Anstieg der Gesamteinnahmen um 19,5% auf 26,0 Millionen US-Dollar, während der Bruttogewinn um 1,0% auf 11,2 Millionen US-Dollar zurückging. Das Unternehmen berichtete über einen Nettoverlust von 1,5 Millionen US-Dollar im vierten Quartal.
Die Ergebnisse für das Gesamtjahr 2024 waren positiver, mit einem Anstieg der Gesamteinnahmen um 7,1% auf 91,6 Millionen US-Dollar und einem Nettogewinn von 4,6 Millionen US-Dollar. Die geografische Verteilung der Einnahmen zeigte, dass Japan 47,4%, das chinesische Festland 24,0% und Nordamerika 13,8% beitrugen. Die Datenplattform des Unternehmens verarbeitete 172.912 Terabyte im Jahr 2024 und bediente 2.818 Geschäftspartner in 62 Ländern.
Bemerkenswerte betriebliche Kennzahlen umfassen durchschnittlich 316.688 täglich aktive Terminals im Jahr 2024, wobei 57,4% aus internationalen Datenverbindungsdiensten stammen. Das Unternehmen hielt zum 31. Dezember 2024 eine starke Liquiditätsposition mit 30,1 Millionen US-Dollar in Bargeld und liquiden Mitteln.
- Total revenues increased 19.5% YoY in Q4 2024 to US$26.0 million
- Full year 2024 net income grew to US$4.6 million from US$2.8 million in 2023
- Mainland China revenues surged 97.4% year-over-year
- Net cash inflow from operations increased 41.2% to US$9.2 million
- Product sales revenue increased 60.9% YoY in Q4 2024
- Q4 2024 gross profit decreased 1.0% YoY to US$11.2 million
- Q4 2024 net loss of US$1.5 million
- Adjusted EBITDA turned negative US$2.3 million in Q4 2024 from positive US$1.5 million in Q4 2023
- Total data consumed decreased 4.1% YoY in 2024
- Gross margin declined to 43.0% in Q4 2024 from 52.0% in Q4 2023
Insights
UCLOUDLINK's Q4 results present a mixed financial picture with diverging indicators. Revenue grew
Full-year results were more encouraging, with total revenue increasing
The geographic revenue distribution has shifted significantly, with mainland China contribution surging
The operational metrics reveal slight declines in platform usage, with Q4 data consumption down
The improved cash position (
HONG KONG, March 13, 2025 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced its unaudited financial results for the three months and the full year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
- Total revenues were US
$26.0 million , representing an increase of19.5% from US$21.7 million in the fourth quarter of 2023. - Gross profit was US
$11.2 million , representing a decrease of1.0% from US$11.3 million in the fourth quarter of 2023. - Loss from operations was US
$1.7 million , compared to US$1.9 million in the fourth quarter of 2023. - Net loss was US
$1.5 million , compared to US$1.8 million in the fourth quarter of 2023. - Adjusted net loss (non-GAAP) was US
$3.1 million , compared to adjusted net income of US$1.1 million in the fourth quarter of 2023. - Adjusted EBITDA (non-GAAP) was negative US
$2.3 million , compared to positive US$1.5 million in the fourth quarter of 2023.
Full Year 2024 Financial Highlights
- Total revenues were US
$91.6 million , representing an increase of7.1% from US$85.6 million in 2023. - Gross profit was US
$44.4 million , representing an increase of5.7% from US$42.0 million in 2023. - Income from operations was US
$4.4 million , compared to US$2.6 million in 2023. - Net income was US
$4.6 million , compared to US$2.8 million in 2023. - Adjusted net income (non-GAAP) was US
$4.5 million , compared to US$8.5 million in 2023. - Adjusted EBITDA (non-GAAP) was US
$7.1 million , compared to US$9.8 million in 2023.
Fourth Quarter and Full Year 2024 Operational Highlights
- In the fourth quarter of 2024, total data consumed through the Company’s platform was 42,577 terabytes (6,058 terabytes procured by the Company and 36,519 terabytes procured by our business partners), representing a decrease of
3.3% from 44,011 terabytes in the fourth quarter of 2023. - In the fourth quarter of 2024, average daily active terminals were 308,386 (15,354 owned by the Company and 293,032 owned by our business partners), representing a decrease of
2.5% from 316,207 in the fourth quarter of 2023. During the fourth quarter of 2024,54.3% of daily active terminals were from uCloudlink 1.0 international data connectivity services and45.7% of daily active terminals were from uCloudlink 2.0 local data connectivity services. - In 2024, total data consumed through the Company’s platform was 172,912 terabytes (24,719 terabytes procured by the Company and 148,193 terabytes procured by our business partners), representing a decrease of
4.1% from 180,259 terabytes in 2023. - In 2024, average daily active terminals were 316,688 (16,739 owned by the Company and 299,949 owned by our business partners), representing an increase of
0.2% from 316,104 in 2023. In 2024,57.4% of daily active terminals were from uCloudlink 1.0 international data connectivity services and42.6% of daily active terminals were from uCloudlink 2.0 local data connectivity services. Average daily data usage per terminal was 1.55 GB in December 2024. - As of December 31, 2024, the Company had served 2,818 business partners in 62 countries and regions. The Company had 185 patents with 165 approved and 20 pending approval, while the pool of SIM cards was from 391 MNOs globally as of December 31, 2024.
Executive Commentary
Mr. Chaohui Chen, Director and Chief Executive Officer of UCLOUDLINK, commented, “We closed out the year with a solid performance as our expanding GlocalMe ecosystem continues to gain growth momentum. Total revenues in 2024 increased
“The visibility and exposure of our GlocalMe Life and GlocalMe mobile/fixed broadband series of products are expanding rapidly as we continue to market them at major global expos and build out their retail presence through business partners and channels globally. We signed cooperation agreements during the fourth quarter to make these products widely available across airport retail locations in North America and are now actively negotiating to expand these partnerships across Europe soon. With additional products in these series already in development or set to launch imminently, we are working to replicate this process through other channels across North America and Europe to expand their exposure to a broader audience. Following successful small-scale commercial application of our soft cloud SIM technology with several leading manufacturers in the security camera, dashboard camera and other related sectors, the commercial application of our GlocalMe Internet of Things (“IoT”) solutions scaled up significantly during the quarter. GlocalMe IoT user numbers are growing rapidly and are expected to ramp up going forward, allowing us to demonstrate the strength and capabilities of our solutions to an even broader audience across the IoT sector. We also made breakthroughs in the deployment of artificial intelligence (“AI”) to enhance operational efficiency internally and improve the user experience of our solutions with AI-powered chat interfaces for travel assistance, ensuring seamless connectivity for users globally.”
“As we look ahead to 2025, we have several exciting developments for people, IoT and pets, that will further expand the global exposure and visibility of our comprehensive solutions, delivering better connections for daily life and unlocking new revenue streams. Building on the momentum we picked up after attending CES 2025 earlier this year, we recently showcased further innovations at MWC Barcelona 2025, including PetPhone, eSIM TRIO, CloudSIM Kit, and HyperConn® 5G mobile Wi-Fi hotspot with AI-driven Sky-to-Ground connectivity solutions, further strengthening the tailwinds behind our broader series of GlocalMe solutions. With these innovative solutions increasingly creating new revenue streams and scaling up our user base, I am confident we are on the right track to build an integrated and comprehensive global mobile data traffic sharing marketplace that will create long-term sustainable value for shareholders.”
Fourth Quarter 2024 Financial Results
Revenues
Total revenues were US
- Revenues from services were US
$15.0 million , representing an increase of0.6% from US$14.9 million in the same period of 2023. This increase was primarily attributable to the increase in revenues from PaaS and SaaS services.- Revenues from data connectivity services were US
$11.7 million , representing a decrease of0.9% from US$11.8 million in the same period of 2023. The decrease was primarily attributable to a decrease in revenues from international data connectivity services to US$9.6 million in the fourth quarter of 2024 from US$9.8 million in the same period of 2023, which was partially offset by an increase in revenues from local data connectivity services to US$2.1 million in the fourth quarter of 2024 from US$2.0 million in the same period of 2023. - Revenues from PaaS and SaaS services were US
$3.0 million , representing an increase of2.6% from US$2.9 million in the same period of 2023. This increase was primarily attributable to business partners increasingly utilizing PaaS and SaaS services to enhance operational efficiency.
- Revenues from data connectivity services were US
- Revenues from sales of products were US
$11.0 million , representing an increase of60.9% from US$6.8 million in the same period of 2023, primarily due to the increase in demand for data related products. - Geographic Distribution
During the fourth quarter of 2024, as a percentage of our total revenues, Japan contributed53.6% , Mainland China contributed20.0% , North America contributed12.1% , and other countries and regions contributed the remaining14.3% , compared to43.1% ,16.5% ,24.3% and16.1% , respectively, in the same period of 2023.
Cost of Revenues
Cost of revenues was US
- Cost of services was US
$6.2 million , representing an increase of4.2% from US$5.9 million in the same period of 2023. - Cost of products sold was US
$8.6 million , representing an increase of91.5% from US$4.5 million in the same period of 2023.
Gross Profit
Overall gross profit was US
Gross profit on services was US
Gross profit on sales of products was US
Operating Expenses
Total operating expenses were US
- Research and development expenses were US
$1.8 million , representing a decrease of10.3% from US$2.0 million in the same period of 2023. This decrease was primarily due to a decrease of US$0.4 million in staff costs. - Sales and marketing expenses were US
$6.2 million , representing an increase of52.6% from US$4.1 million in the same period of 2023. This increase was primarily due to increases of US$1.5 million in promotional fees, US$0.3 million in service fees, and US$0.2 million in staff costs. - General and administrative expenses were US
$6.1 million , representing an increase of1.1% from US$6.0 million in the same period of 2023. This increase was primarily due to an increase of US$0.6 million in professional service fees, which was partially offset by decreases of US$0.3 million in staff costs and US$0.3 million in share-based compensation expenses.
Loss from Operations
Loss from operations was US
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the impact of share-based compensation, fair value gain/loss in other investment, share of profit/loss in equity method investment, net of tax, interest expense, income tax expenses and depreciation and amortization, was negative US
Net Interest Income
Net interest income was US
Net Loss
Net loss was US
Adjusted Net Loss/Income (Non-GAAP)
Adjusted net loss, which excludes the impact of share-based compensation, fair value gain/loss in other investment and share of profit/loss in equity method investment, net of tax, was US
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were US
Cash and Cash Equivalents
As of December 31, 2024, the Company had cash and cash equivalents of US
Capital Expenditures (“CAPEX”)
CAPEX was US
Full Year 2024 Financial Results
Revenues
Total revenues were US
- Revenues from services were US
$60.0 million , representing an increase of2.4% from US$58.6 million in 2023. This increase was primarily attributable to the increases in revenues from data connectivity services and from PaaS and SaaS services.- Revenues from data connectivity services were US
$47.6 million , representing an increase of1.9% from US$46.7 million in 2023. This increase was primarily attributable to an increase in revenues from international data connectivity services to US$39.5 million in 2024 from US$37.9 million in 2023, as the recovery of international travel continues, which was partially offset by a decrease in revenues from local data connectivity services to US$8.1 million in 2024 from US$8.8 million in 2023. - Revenues from PaaS and SaaS services were US
$11.3 million , representing an increase of8.3% from US$10.4 million in 2023. This increase was primarily attributable to business partners increasingly utilizing PaaS and SaaS services to enhance operational efficiency.
- Revenues from data connectivity services were US
- Revenues from sales of products were US
$31.6 million , representing an increase of17.1% from US$27.0 million in 2023, primarily attributable to an increase of US$6.3 million in sales of data related products, which was partially offset by a decrease of US$2.1 million in sales of terminals. - Geographic Distribution
During 2024, as a percentage of our total revenues, Japan contributed47.4% , Mainland China contributed24.0% , North America contributed13.8% , and other countries and regions contributed the remaining14.8% , compared to43.4% ,13.0% ,28.1% and15.5% , respectively, in 2023.
Cost of Revenues
Cost of revenues was US
- Cost of services was US
$23.5 million , representing a decrease of3.4% from US$24.3 million in 2023. - Cost of products sold was US
$23.7 million , representing an increase of23.2% from US$19.3 million in 2023, primarily due to product mix.
Gross Profit
Overall gross profit was US
Gross profit on services was US
Gross profit on sales of products was US
Operating Expenses
Total operating expenses were US
- Research and development expenses were US
$6.2 million , representing a decrease of4.0% from US$6.5 million in 2023. This decrease was primarily due to a decrease of US$0.5 million in staff costs, which was partially offset by an increase of US$0.3 million in professional service fees. - Sales and marketing expenses were US
$19.9 million , representing an increase of39.3% from US$14.3 million in 2023. This increase was primarily due to increases of US$3.2 million in promotion fees, US$0.9 million in staff costs, US$0.8 million in operating lease payments, and US$0.7 million in service fees. - General and administrative expenses were US
$15.9 million , representing a decrease of6.8% from US$17.1 million in 2023. This decrease was primarily due to decreases of US$1.6 million in share-based compensation expenses and US$0.8 million in staff costs, which were partially offset by increases of US$0.9 million in professional service fees and US$0.6 million in provision for bad debts.
Income from Operations
Income from operations was US
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP), which excludes the impact of share-based compensation, fair value gain/loss in other investment, share of profit/loss in equity method investment, net of tax, interest expense, income tax expenses and depreciation and amortization, was US
Net Interest Income/Expenses
Net interest income was US
Net Income
Net income was US
Adjusted Net Income (Non-GAAP)
Adjusted net income, which excludes the impact of share-based compensation, fair value gain/loss in other investment and share of profit/loss in equity method investment, net of tax, was US
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders were US
Capital Expenditures (“CAPEX”)
CAPEX was US
Business Outlook
For the first quarter of 2025, UCLOUDLINK expects total revenues to be between US
The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess the Company’s operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation, fair value gain/loss in other investment and share of profit/loss in equity method investment, net of tax. Adjusted EBITDA is defined as net income/(loss) excluding share-based compensation, fair value gain/loss in other investment, share of profit/loss in equity method investment, net of tax, interest expense, income tax expenses and depreciation and amortization.
The Company believes that adjusted net income/(loss) and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in income/(loss) from operations and net income/(loss). The Company believes that adjusted net income/(loss) and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non- GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net income/(loss) and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation, fair value gain/loss in other investment and share of profit/loss in equity method investment, net of tax, have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of adjusted net income/(loss). Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call
UCLOUDLINK will hold a conference call at 8:30 a.m. Eastern Time on Thursday, March 13, 2025 (8:30 p.m. Beijing Time on the same day) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:
| International: | +1-412-902-4272 |
| US (Toll Free): | +1-888-346-8982 |
| UK (Toll Free) | 0-800-279-9489 |
| UK (Local Toll) | 0-207-544-1375 |
| Mainland China (Toll Free): | 400-120-1203 |
| Hong Kong (Toll Free): | 800-905-945 |
| Hong Kong (Local Toll): | +852-3018-4992 |
| Singapore (Toll Free): | 800-120-6157 |
| Australia (Toll Free): | 1-800-121301 |
Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for “UCLOUDLINK GROUP INC.” Additionally, a live and archived webcast of the conference call will be available at https://ir.ucloudlink.com.
A telephone replay will be available one hour after the end of the conference until March 20, 2025, by dialing:
| US (Toll Free): | +1-877-344-7529 |
| International: | +1-412-317-0088 |
| Canada (Toll Free): | 855-669-9658 |
| Replay Passcode: | 1521922 |
About UCLOUDLINK GROUP INC.
UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the financial guidance and quotations from management in this announcement, as well as UCLOUDLINK’s strategic and operational plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s future business development, financial condition and results of operations; UCLOUDLINK’s ability to increase its user base and usage of its mobile data connectivity services, and improve operational efficiency; competition in the global mobile data connectivity service industry; changes in UCLOUDLINK’s revenues, costs or expenditures; governmental policies and regulations relating to the global mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
| UCLOUDLINK GROUP INC. | |
| Daniel Gao | |
| Tel: +852-2180-6111 | |
| E-mail: ir@ucloudlink.com | |
| Investor Relations: | |
| Christensen Advisory | |
| Christian Arnell, Managing Director | |
| Tel: +852-2117-0861 | |
| E-mail: ucloudlink@christensencomms.com | |
| UCLOUDLINK GROUP INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands of US$, except for share and per share data) | ||||||||
| As of December 31, | As of December 31, | |||||||
| 2023 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 23,371 | 30,057 | ||||||
| Accounts receivable, net | 6,489 | 7,880 | ||||||
| Inventories | 2,183 | 1,312 | ||||||
| Prepayments and other current assets | 6,416 | 5,637 | ||||||
| Other investments | 7,613 | 8,703 | ||||||
| Amounts due from related parties | 2,945 | 1,971 | ||||||
| Total current assets | 49,017 | 55,560 | ||||||
| Non-current assets | ||||||||
| Prepayments | 228 | - | ||||||
| Long-term investments | 1,956 | 2,011 | ||||||
| Right-of-use assets, net | 2,321 | 2,876 | ||||||
| Property and equipment, net | 2,433 | 4,025 | ||||||
| Intangible assets, net | 652 | 507 | ||||||
| Total non-current assets | 7,590 | 9,419 | ||||||
| TOTAL ASSETS | 56,607 | 64,979 | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short term borrowings | 5,297 | 6,956 | ||||||
| Accrued expenses and other liabilities | 24,755 | 25,169 | ||||||
| Accounts payable | 5,314 | 7,445 | ||||||
| Amounts due to related parties | 1,250 | 49 | ||||||
| Contract liabilities | 1,425 | 709 | ||||||
| Operating lease liabilities | 1,082 | 1,853 | ||||||
| Total current liabilities | 39,123 | 42,181 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities | 1,286 | 1,088 | ||||||
| Other non-current liabilities | 145 | 87 | ||||||
| Total non-current liabilities | 1,431 | 1,175 | ||||||
| TOTAL LIABILITIES | 40,554 | 43,356 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 13 | 13 | ||||||
| Class B ordinary shares | 6 | 6 | ||||||
| Additional paid-in capital | 240,137 | 241,378 | ||||||
| Accumulated other comprehensive income | 2,463 | 2,234 | ||||||
| Accumulated losses | (226,566 | ) | (222,008 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 16,053 | 21,623 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 56,607 | 64,979 | ||||||
| UCLOUDLINK GROUP INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (In thousands of US$, except for share and per share data) | |||||||||||
| For the three months ended | For the year ended | ||||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2023 | December 31, 2024 | ||||||||
| Revenues | 21,730 | 25,960 | 85,576 | 91,635 | |||||||
| Revenues from services | 14,927 | 15,015 | 58,570 | 60,002 | |||||||
| Sales of products | 6,803 | 10,945 | 27,006 | 31,633 | |||||||
| Cost of revenues | (10,438 | ) | (14,786 | ) | (43,611 | ) | (47,274 | ) | |||
| Cost of services | (5,963 | ) | (6,216 | ) | (24,318 | ) | (23,503 | ) | |||
| Cost of products sold | (4,475 | ) | (8,570 | ) | (19,293 | ) | (23,771 | ) | |||
| Gross profits | 11,292 | 11,174 | 41,965 | 44,361 | |||||||
| Research and development expenses | (1,999 | ) | (1,794 | ) | (6,456 | ) | (6,198 | ) | |||
| Sales and marketing expenses | (4,081 | ) | (6,228 | ) | (14,304 | ) | (19,926 | ) | |||
| General and administrative expenses | (5,993 | ) | (6,057 | ) | (17,118 | ) | (15,947 | ) | |||
| Other (expenses)/income, net | (1,077 | ) | 1,187 | (1,500 | ) | 2,095 | |||||
| (Loss)/income from operations | (1,858 | ) | (1,718 | ) | 2,587 | 4,385 | |||||
| Interest income | 34 | 176 | 70 | 227 | |||||||
| Interest expenses | (28 | ) | (51 | ) | (133 | ) | (196 | ) | |||
| (Loss)/income before income tax | (1,852 | ) | (1,593 | ) | 2,524 | 4,416 | |||||
| Income tax expense | (3 | ) | (2 | ) | (70 | ) | (68 | ) | |||
| Share of profit in equity method investment, net of tax | 24 | 93 | 357 | 210 | |||||||
| Net (loss)/income | (1,831 | ) | (1,502 | ) | 2,811 | 4,558 | |||||
| Attributable to: | |||||||||||
| Equity holders of the Company | (1,831 | ) | (1,502 | ) | 2,811 | 4,558 | |||||
| (Loss)/earnings per share for Class A and Class B ordinary shares | |||||||||||
| Basic | (0.00 | ) | (0.00 | ) | 0.01 | 0.01 | |||||
| Diluted | (0.00 | ) | (0.00 | ) | 0.01 | 0.01 | |||||
| (Loss)/earnings per ADS (10 Class A shares equal to 1 ADS) | |||||||||||
| Basic | (0.05 | ) | (0.04 | ) | 0.08 | 0.12 | |||||
| Diluted | (0.05 | ) | (0.04 | ) | 0.08 | 0.12 | |||||
| Shares used in earnings per Class A and Class B ordinary share computation: | |||||||||||
| Basic | 374,485,700 | 377,971,590 | 371,726,318 | 376,344,425 | |||||||
| Diluted | 374,485,700 | 377,971,590 | 371,726,318 | 376,344,425 | |||||||
| Net (loss)/income | (1,831 | ) | (1,502 | ) | 2,811 | 4,558 | |||||
| Other comprehensive (loss)/income, net of tax | |||||||||||
| Foreign currency translation adjustment | (524 | ) | 458 | 587 | (229 | ) | |||||
| Total comprehensive (loss)/income | (2,355 | ) | (1,044 | ) | 3,398 | 4,329 | |||||
| UCLOUDLINK GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US$) | |||||||||||
| For the three months ended | For the year ended | ||||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2023 | December 31, 2024 | ||||||||
| Net cash (used in)/generated from operating activities | (1,313 | ) | 540 | 6,507 | 9,186 | ||||||
| Net cash generated from/(used in) investing activities | 1,271 | (580 | ) | (240 | ) | (3,758 | ) | ||||
| Net cash generated from financing activities | 2,903 | 3,061 | 2,509 | 1,732 | |||||||
| Increase in cash and cash equivalents | 2,861 | 3,021 | 8,776 | 7,160 | |||||||
| Cash and cash equivalents at beginning of the period/year | 20,256 | 27,678 | 14,921 | 23,371 | |||||||
| Effect of exchange rates on cash and cash equivalents | 254 | (642 | ) | (326 | ) | (474 | ) | ||||
| Cash and cash equivalents at end of the period/year | 23,371 | 30,057 | 23,371 | 30,057 | |||||||
| UCLOUDLINK GROUP INC. UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS (In thousands of US$) | |||||||||||
| For the three months ended | For the year ended | ||||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2023 | December 31, 2024 | ||||||||
| Reconciliation of Net (Loss)/Income to Adjusted Net Income/(Loss) | |||||||||||
| Net (loss)/income | (1,831 | ) | (1,502 | ) | 2,811 | 4,558 | |||||
| Add: share-based compensation | 460 | 222 | 3,314 | 1,241 | |||||||
| fair value loss/(gain) in other investments | 2,476 | (1,730 | ) | 2,748 | (1,091 | ) | |||||
| Less: share of profit in equity method investment, net of tax | (24 | ) | (93 | ) | (357 | ) | (210 | ) | |||
| Adjusted net income/(loss) | 1,081 | (3,103 | ) | 8,516 | 4,498 | ||||||
| For the three months ended | For the year ended | ||||||||||
| December 31, 2023 | December 31, 2024 | December 31, 2023 | December 31, 2024 | ||||||||
| Reconciliation of Net (Loss)/Income to Adjusted EBITDA | |||||||||||
| Net (loss)/income | (1,831 | ) | (1,502 | ) | 2,811 | 4,558 | |||||
| Add: | |||||||||||
| Interest expense | 28 | 51 | 133 | 196 | |||||||
| Income tax expenses | 3 | 2 | 70 | 68 | |||||||
| Depreciation and amortization | 371 | 724 | 1,121 | 2,328 | |||||||
| EBITDA | (1,429 | ) | (725 | ) | 4,135 | 7,150 | |||||
| Add: share-based compensation | 460 | 222 | 3,314 | 1,241 | |||||||
| fair value loss/(gain) in other investments | 2,476 | (1,730 | ) | 2,748 | (1,091 | ) | |||||
| Less: share of profit in equity method investment, net of tax | (24 | ) | (93 | ) | (357 | ) | (210 | ) | |||
| Adjusted EBITDA | 1,483 | (2,326 | ) | 9,840 | 7,090 | ||||||
FAQ
What were UCLOUDLINK's (UCL) key revenue figures for Q4 2024?
How did UCL perform in terms of net income for full year 2024?
What was UCL's geographic revenue distribution in 2024?
How many business partners and countries does UCL serve as of December 2024?
What was UCL's cash position at the end of 2024?
